The final cut-off price and the actual number of apartments that the participating developers choose to sell through this process is expected to be announced on December 7, HDFC Realty said in a release.

MUMBAI: Property advisory firm HDFC Realty has received bids worth Rs 155 crore under its multi-property online auction of ready-to-move in apartments in 8 residential projects across Bengaluru, Chennai and Kochi.
These properties by three realty developers were offered by HDFC's subsidiary in association with portal www.iBidmyHome.com in India's first online home auction a fortnight ago.

The final cut-off price and the actual number of apartments that the participating developers choose to sell through this process is expected to be announced on December 7, HDFC Realty said in a release.

Interestingly, the reserve price for each of the properties is 10% to 20% lower than the prevailing market prices. The attractive reserve price has drawn several hundreds of prospective buyers to participate in this bidding process, HDFC Realty said.

"We are extremely glad to see such level of interests from customers for the first ever sale of new homes from builders through an online bidding process. The visitors, registrations & bids are steadily gaining momentum which reiterates the belief, that there is a strong appetite for homes in major cities, as long as the pricing are pegged at attractive levels and if a transparent sale process is followed," said HDFC Realty's CEO, Vikram Goel.

According to him, the response indicates the presence of a strong demand for homes albeit the sentiment around pricing continues to be conservative. The key reason for the encouraging response is the opportunity for home buyers to be able to bid and buy homes below market prices.

While the initial launch was targeted towards the southern markets of Bengaluru, Chennai & Kochi, 72% of the visitors to the website have been from other cities, indicating a widespread interest for homes in the south India realty market.

IBidmyHome.com has received enquiries from builders from across major cities and is putting together a plan to announce the next series of auctions in the coming months. The portal will, however, host only new properties from pre-screened Grade A Developers to ensure that customers get to choose the finest of properties, at below market prices, , the release added.

KOLKATA: Alongside introducing one of the first few skywalks to Kolkata's skyline, Siddha Group is claiming to throw in world's longest jogging track to thir Galaxia's Terrace Skywalk project in Rajarhat. The Rs 200 crore project that is being developed in four phases is launching their second phase that would have close to 500 apartments.

MUMBAI: Fitch Ratings has said that it expected residential property prices to remain stable as builders are option to offer easy payment solutions rather than lowering prices. This was indicated by Fitch Ratings on Monday in a report on the 'Outlook 2016: Indian Homebuilders.

MUMBAI: Tata Housing Development Company has entered into an agreement with Mumbai-based real estate developer Neptune Group to jointly develop a 10-acre residential project in Bhandup, an eastern suburb of Mumbai, according to two persons familiar with the matter.

MINNEAPOLIS, MINNESOTA: Mahendra Nath's investment journey began with a duplex many years ago. Using the profit he made out of a appreceiating real estate market, he bought two Burger King restaurants, and continued to grow. His Nath Companies now has 6500 employees working in multiple sectors.

NEW DELHI: The government is gearing up to ensure the passage of the crucial real estate bill, which is aimed at curbing malpractices in the sector and bringing transparency through regulatory mechanism, in the forthcoming Winter session of Parliament.

GREATER NOIDA: The allotment of a 100-acre plot to real estate company Unitech BSE 0.28 % to build a group housing society has been cancelled by the Greater Noida Industrial Development Authority (GNIDA), which alleges the company owes it over Rs 1,000 crore and had failed to pay up for almost a decade.

NEW DELHI: The depressed real estate market is proving to be a boon for organised developers, which have continued to grow and gain market share although the broader market has been shrinking, said a Kotak Institutional Equities report.

KOLKATA: City industrialists are pushing the West Bengal government to come up with an e-commerce site that would allow entrepreneurs to buy and sell land parcels. The portal will not only bring in transparency in land deals, but also encourage industrialists to monetise land tracts of factories which have downed shutters.

NEW DELHI: Real estate developer Prateek group has raised Rs 135 crore from Indiabulls Housing Finance Company for its project Prateek Wisteria in sector-77 of Noida, said two people with knowledge of the matter.